5 Big Forex Trading Lessons On Trading Success – Show Notes
In episode 114 of the Desire To Trade Podcast, I go solo to share 5 big Forex trading lessons I learned while hosting the podcast in the last 2+ years. After all the guests interviewed, I felt it was time to reflect a little and point out things that you can take action on.
Summary – 5 Big Forex Trading Lessons On Trading Success
#1: Being Clear On Your Goal
When I started to trade, I had absolutely no idea of where I was heading. The only thing I cared about what to become profitable.
However, what I didn't realize is that I could have speed up the process by defining a goal and identifying the actions needed to reach that goal.
Most often, massive success in trading involves other activities such as reaching out to people, testing thing, collecting data, etc. Those can be done early to boost your growth as a trader.
#2: Returns (%) Are Irrelevant
Judging a trader by its returns is a poor way to go about it.
I used to think that my job was to find the “best trading strategy for the best return”.
However, there are two simple things we can do in trading to increase returns (and or money) we make:
- Increase your trading capital
- Increase slightly your risk
What truly matters isn't the return percentage per say. It's the consistency with whatever return you are getting.
1% per month can be easily boosted to 2% return per month, and eventually 8% per month.
#3: Master-Focus Gets You Results
Mastery in any discipline comes through mastering every part.
Unfortunately, it's impossible (and counter-productive) to learn about all the parts at once.
If you want to see success quicker in trading, you must master one part at a time.
That might mean taking a course on what you need to learn most right now and putting all your energy on that.
Then once you see results, you move to the next thing you need to master.
If you're not sure what to work on today, you can ask yourself: “What is important for me to master now?” or “What do I struggle with the most at the moment?”
#4: Awareness Is A MUST
Awareness has multiple components in trading
Your energy level
If you trade on low energy, you make more mistakes.
Whatever you see yourself as will eventually become true.
What are you best at? What do you need to work on the most right now?
If you become aware of yourself, you can decide which direction to go and what to focus on.
#5: Keep The Routines Going At All Costs
Routines in trading are powerful.
I discovered (the hard way) however that routines easily fall apart once you start traveling while trading.
A change in environment can be tough to remain consistent in your actions.
That's why I now do my best to establish new routines – similar to the ones at home – as soon as I get to a new place.
I make sure I have a process to get in the right state of mind, note down my trades, and review everything I trade.
DesireToTRADE Top Resources
- DesireToTRADE Forex Trader Community (free group!)
- Complete Price Action Strategy Checklist (free checklist!)
- One-Page Trading Plan (free template!)
- DesireToTRADE Academy
What is one thing you are going to implement after listening to these 5 big Forex trading lessons? Leave a comment below, or join me in the Facebook group!